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Fair Market Value Considerations

Market value is defined as: “[T]he price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no necessity of buying it taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available in the reasonable future.” City of Austin v. Cannizzo, 267 S.W.2d 808, 815 (Tex. 1954).

In Texas condemnation law, market value property reflects all factors that buyers and sellers would consider in arriving at a sales price. City of Harlingen v. Estate of Sharboneau, 48 S.W.3d 177, 185 (Tex. 2001). In City of Austin v. Cannizo, the Texas Supreme Court explained, “[i]n the willing seller-willing buyer test of market value it is frequently said that all factors should be considered which would reasonably be given weight in negotiations between a seller and buyer.” 267 S.W.2d 808, 814 (Tex. 1954).

The three general approaches to estimating property value are (1) the sales comparison approach, (2) the income capitalization approach, and (3) the cost approach. The approach that is to be used during the valuation process typically depends on the property, the intended use of the appraisal, the identified scope of the work, and the quality and quantity of data available. All three approaches may be applicable to a particular property, but the highest and best of the property may make one approach more relevant to determining the highest value for the property. Evidence concerning fair market value of property and/or other issues impacting value can be from:

The Property Owner

Appraisers

Realtors

Developers

Land Planners

Engineers

or any other person who is qualified to offer testimony concerning the damages to the property.

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Luke Ellis and Justin Hodge are partners with Marrs Ellis & Hodge LLP. Justin heads the firm's eminent domain practice in the Houston office. Luke heads the firm's eminent domain practice in the Austin office. Luke Ellis is widely recognized as one of Texas’s top young lawyers—and one of the top lawyers of any age practicing in the area of eminent domain. Mr. Ellis has broad experience and has enjoyed success in many types of civil litigation. Justin Hodge is a trial lawyer who represents Texas landowners in condemnation, eminent-domain, and real-estate lawsuits. He represents landowners in condemnation proceedings, not the governmental authorities or private companies taking property. Mr. Hodge has handled complex condemnation and eminent-domain cases throughout the State of Texas.
If you have questions about any of the issues raised in this blog, we invite you to discuss them with us at jhodge@mehlaw.com or lellis@mehlaw.com.